Most Asian currencies were set for weekly losses, with the Philippine peso slipping to its weakest level in nearly four weeks and the Indonesian rupiah hovering near its record low, as stalled US-Iran peace talks supported the dollar.

Most stock markets in emerging Asia were headed for weekly gains after US President Donald Trump extended the ceasefire with Iran indefinitely, but stalled talks and the fragile truce gave investors little to cheer.

The MSCI gauge of EM Asia stocks inched higher on the day and was set for a third consecutive weekly gain. An MSCI gauge of global EM currencies inched lower to its lowest since April 13.

The Philippine peso weakened 0.5 per cent to 60.755 per dollar, its lowest since late March. The currency has lost nearly 2pc so far this week, facing its worst week in seven. The Philippine central bank (BSP) raised its policy rate to 4.50pc on Thursday to tame inflation